The Pakistani Rupee continued its winning streak against Saudi Arabia’s currency in the market that decreased by six paisas. The new rate of the Saudi Riyal is Rs74.49 in comparison to the closing rate on Monday of Rs74.55.
On Wednesday, 1 SAR to PKR conversion rate is PKR 74.49 in the interbank market, as Saudi Riyal to PKR buying and selling rates are different in interbank and currency exchange or open market rates. Saudi Riyal to Pakistani Rupee has been decreased by Rs0.6 in interbank bank trading.
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Saudi Minister of Energy Prince Abdulaziz bin Salman underlined the need to commit to a stable and less volatile oil market, which will help the global economy to grow and prosper.
He was addressing the 7th Future Investment Initiative (FII7) forum in Riyadh and stated that the volume of oil trade amounts to $2 trillion.
The Saudi minister reaffirmed the continuation of oil and gas in the global energy mix over the coming years, while highlighting that there were some major oil company deals that confirmed that hydrocarbons are here to stay.
Prince Abdulaziz said that the Kingdom has a record that must be highlighted, and that it does not seek to achieve an energy transition only, but rather aspires to be a role model in how a carbon economy based on hydrocarbons can be built for many years to come.
The minister highlighted the importance of working to improve achievements when it comes to the triple dilemma that everyone aspires to address, which centers on energy security and the reasonableness of its cost in terms of growth and economic prosperity, while the third element is sustainability, one of which is related to climate change.
Prince Abdulaziz said that Saudi Arabia supports the new outlook on the circular carbon economy. “Since the idea was presented at the Future Investment Initiative forum in 2019 about the circular carbon economy, and since Crown Prince Mohammed bin Salman announced the Saudi Green Initiative and the Middle East Green Initiative in 2021, it can be said that if we want to convince the world, then there will be a different way of doing the thing, and hence we must implement it.”
